China fourth-quarter GDP up 8.9%, beats estimates

China's gross domestic product accelerated at a faster pace than expected in the fourth quarter, belying fears of a slowdown in the country's growth momentum because of economic weakness in Europe. The country's GDP in the October to December period rose 8.9% from the year-ago quarter, weaker than the 9.1% expansion recorded in the three months to Sept. 30, but faster than the 8.6% growth tipped in a Dow Jones Newswires poll of economists. Other monthly economic indicators also beat expectations, with December retail sales climbing 18.1% from a year-earlier, while industrial output during the month rose 12.8%.